• As you have likely heard, the Bank of Canada has made an aggressive move today, increasing the overnight rate by 1.0%. It was widely expected they would increase by .75% so this move came as a bit of a surprise. This is the largest single increase in almost 25 years. The Bank characterized this [...]

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    As was widely expected, The Bank of Canada has raised the overnight rate by 0.50% today to 1.5%. This is the third Bank of Canada increase in as many meetings. Here is an article with more detail:Bank of Canada AnnouncementToday's move came as no surprise, as inflation remains at a three [...]

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    With some recent movement in rates, I have had a lot of clients ask whether they should go with a fixed rate or a variable rate for their mortgage. That’s never an easy question to answer, as the answer will depend largely on your individual risk tolerance and how much payment consistency you [...]

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    In the past week, I have met with two different clients who have recently signed up for loans of $20K - $30K with interest rates around 30%. In both cases, the loans were registered as second mortgages without the client fully understanding that this was being done. There were also numerous fees and[...]

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    I hope that everyone is having (and has had) a good summer. September is approaching far too quickly and the memories of heading back to school are still fresh in my mind. This was never a fun time of year as a child, knowing that summer was winding down and the return to routine, learning and [...]

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    The government agency that regulates mortgages in Canada (The Office of the Superintendent of Financial Institutions) made several dramatic changes today that everyone should be aware of. If you're planning on moving or refinancing in the near future, then these changes could impact your ability to [...]

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    Rate Increase

    13 Jul 2017 | Blog Mortgages

    Interest Rate Increase If you have not yet heard by now, the government increased the overnight rate yesterday by .25% to .75%. In turn, the banks have increased their prime lending rate by .25% to 2.95%.  This increase actually only affects variable rate mortgages (and loans/lines of [...]

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    Without question, the past few months in the mortgage industry have been challenging. There have been numerous changes that have completely altered the mortgage lending landscape. Here is a summary of the changes we have seen: 1) Stress Test: As of October 17th, all insured mortgages (typically [...]

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    As you may have heard by now, the government introduced some important changes this week that will have a fairly significant impact on the mortgage industry going forward. The changes were not expected and seem to have come out of nowhere, with little consultation from industry representatives. [...]

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